Ionis Pharmaceuticals, Inc. (IONS) Bundle
A Brief History of IONIS Pharmaceuticals
As of 2024, IONIS Pharmaceuticals has established itself as a leading biopharmaceutical company specializing in RNA-targeted therapies. The company has a robust pipeline and has garnered significant attention for its innovative approach to drug development.
Financial Overview
For the nine months ending September 30, 2024, IONIS reported total revenue of $478.6 million, a slight increase from $463.1 million during the same period in 2023. This revenue consisted of:
| Revenue Source | Q3 2024 (in millions) | Q3 2023 (in millions) | 9M 2024 (in millions) | 9M 2023 (in millions) |
|---|---|---|---|---|
| SPINRAZA Royalties | $57.2 | $67.3 | $152.4 | $178.5 |
| WAINUA Royalties | $5.4 | $0.0 | $10.3 | $0.0 |
| Other Commercial Revenue | $13.1 | $16.8 | $44.7 | $51.2 |
| Collaborative Agreement Revenue | $44.9 | $44.1 | $235.8 | $173.5 |
| WAINUA Joint Development Revenue | $13.2 | $16.0 | $35.4 | $59.9 |
Operating expenses for the same period were reported at $842.8 million, compared to $810.7 million in the previous year, reflecting increased investment in research and development.
Net Loss
IONIS recorded a net loss of $349.5 million for the nine months ended September 30, 2024, compared to a loss of $357.0 million for the same period in 2023. Basic and diluted net loss per share for Q3 2024 was $0.95 and $2.38 for the nine months, respectively, compared to $1.03 and $2.50 in 2023.
Debt and Financial Instruments
As of September 30, 2024, IONIS had the following convertible notes outstanding:
| Convertible Note Type | Outstanding Principal (in millions) | Interest Rate | Maturity Date |
|---|---|---|---|
| 1.75% Notes | $575.0 | 1.75% | June 2028 |
| 0% Notes | $632.5 | 0% | April 2026 |
| 0.125% Notes | $44.5 | 0.125% | December 2024 |
On September 30, 2024, IONIS reported total unrecognized estimated stock-based compensation expense of $54.1 million related to non-vested stock options, $87.2 million for RSUs, and $12.1 million for PRSUs.
Recent Developments
In January 2023, IONIS entered into a royalty purchase agreement with Royalty Pharma, receiving an upfront payment of $500 million and potential future payments of up to $625 million. The company expects to recognize royalty revenue based on the sales of SPINRAZA and pelacarsen, which are pivotal to its revenue stream.
Research and Development
IONIS continues to invest heavily in R&D, reporting expenses of $656.0 million for the nine months ended September 30, 2024. The company's commitment to advancing RNA-targeted therapies is evident in its collaborations with major pharmaceutical companies, including Roche and AstraZeneca.
Liquidity and Capital Resources
As of September 30, 2024, IONIS had cash, cash equivalents, and short-term investments bolstered by net proceeds of $489 million from a public common stock offering. The company's ability to finance operations through equity raises and collaborations underlines its strategic approach to maintaining liquidity in a competitive market.
A Who Owns Ionis Pharmaceuticals, Inc. (IONS)
Major Shareholders
As of October 31, 2024, the total number of shares of voting common stock outstanding was 157,897,287 .
The following table outlines the major shareholders of Ionis Pharmaceuticals, Inc. as of 2024:
| Shareholder | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Group Inc. | 10.5% | 16,653,000 |
| BlackRock Inc. | 9.8% | 15,507,000 |
| FMR LLC (Fidelity) | 8.2% | 12,959,000 |
| State Street Corporation | 6.4% | 10,094,000 |
| Royalty Pharma | 5.1% | 8,000,000 |
Institutional Ownership
As of the latest report, institutional ownership represented approximately 80% of Ionis Pharmaceuticals’ total shares.
The following table summarizes the institutional ownership details:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| Vanguard Group Inc. | 10.5% | 16,653,000 |
| BlackRock Inc. | 9.8% | 15,507,000 |
| FMR LLC (Fidelity) | 8.2% | 12,959,000 |
| State Street Corporation | 6.4% | 10,094,000 |
| Other Institutions | 45.1% | 71,684,000 |
Executive Ownership
Executive officers and directors hold a significant portion of shares, with the following details as of 2024:
| Name | Position | Ownership Percentage | Number of Shares |
|---|---|---|---|
| Stanley T. Crooke | CEO | 2.3% | 3,623,000 |
| Elizabeth L. B. McGlynn | President | 1.2% | 1,900,000 |
| Other Executives | Various | 1.5% | 2,350,000 |
Recent Stock Performance
Ionis Pharmaceuticals, Inc. has experienced fluctuations in its stock price throughout 2024. The stock price ranged from a low of $30.00 to a high of $45.00.
Market Capitalization
As of September 30, 2024, the market capitalization of Ionis Pharmaceuticals was approximately $7.1 billion.
Ionis Pharmaceuticals, Inc. (IONS) Mission Statement
Mission Overview
Ionis Pharmaceuticals, Inc. focuses on pioneering innovative RNA-targeted therapies to provide better futures for patients suffering from serious diseases. The company is committed to advancing its proprietary drug discovery technology to create transformative medicines.
Core Values
- Innovation: Continuous development of cutting-edge RNA-targeted therapies.
- Patient-Centricity: Prioritizing patient needs in all aspects of drug development.
- Collaboration: Working with partners to enhance research and development capabilities.
- Integrity: Maintaining high ethical standards in all operations.
Financial Performance
As of September 30, 2024, Ionis reported a net loss of $140.5 million for the quarter, compared to a net loss of $147.4 million during the same period in 2023. The net loss for the nine months ended September 30, 2024, was $349.5 million, a slight improvement from $357.0 million in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Net Loss | $140.5 million | $147.4 million | $349.5 million | $357.0 million |
| Basic Net Loss per Share | $0.95 | $1.03 | $2.38 | $2.50 |
| Total Revenue | $133.8 million | $144.2 million | $478.6 million | $463.1 million |
| Total Operating Expenses | $282.5 million | $287.5 million | $842.8 million | $810.7 million |
Collaborative Agreements
Ionis has established various collaborative agreements, notably with AstraZeneca and Roche, aimed at developing new therapies and sharing development costs.
| Collaborative Partner | Collaboration Focus | Payments Received (as of Sep 2024) |
|---|---|---|
| AstraZeneca | WAINUA development for ATTR | $35.4 million |
| Roche | Multiple RNA-targeted therapies | $345 million |
Recent Developments
In September 2024, Ionis completed a public offering of 11.5 million shares at $43.50 per share, generating net proceeds of approximately $489.1 million. This capital will support ongoing research and development efforts.
Market Position
Ionis continues to be a leader in RNA-targeted therapies, with a robust pipeline and significant partnerships, reinforcing its commitment to innovation and patient care.
Future Outlook
The outlook for Ionis remains positive, driven by ongoing collaborations, new product launches, and a strong financial position. The company is poised to leverage its expertise in RNA technology to expand its therapeutic offerings.
How Ionis Pharmaceuticals, Inc. (IONS) Works
Business Model
Ionis Pharmaceuticals, Inc. operates primarily in the biotechnology sector, focusing on developing innovative medicines using its proprietary antisense technology. This technology is designed to target and modulate RNA, which helps in treating a variety of diseases. The company collaborates with major pharmaceutical partners to enhance its research and development capabilities.
Revenue Streams
Ionis generates revenue through several channels:
- Commercial sales of approved drugs, including royalties from SPINRAZA and WAINUA.
- Research and development (R&D) agreements with collaborators.
- Licensing agreements for its technology.
Financial Performance
As of September 30, 2024, Ionis reported the following financial results:
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Total Revenue | $133.8 million | $144.2 million | $478.6 million | $463.1 million |
| Net Loss | $(140.5) million | $(147.4) million | $(349.5) million | $(357.0) million |
| Basic Net Loss per Share | $(0.95) | $(1.03) | $(2.38) | $(2.50) |
| Total Operating Expenses | $282.5 million | $287.5 million | $842.8 million | $810.7 million |
Revenue Breakdown
The following table outlines the components of Ionis' revenue for Q3 2024:
| Type of Revenue | Q3 2024 | Q3 2023 |
|---|---|---|
| SPINRAZA Royalties | $57.2 million | $67.3 million |
| WAINUA Royalties | $5.4 million | $0 |
| TEGSEDI and WAYLIVRA Revenue | $8.9 million | $8.3 million |
| Collaborative Agreement Revenue | $44.9 million | $44.1 million |
Research and Development Pipeline
Ionis has a robust pipeline of drugs in various stages of development, focusing on diseases such as neurodegenerative disorders and cardiovascular diseases. Significant collaborations include:
- Collaboration with Otsuka for donidalorsen, with potential payments tied to regulatory milestones.
- Partnership with Roche for developing treatments for Huntington's disease and IgA nephropathy.
Investment and Debt
As of September 30, 2024, Ionis had the following debt obligations:
| Debt Type | Outstanding Principal | Interest Rate | Maturity Date |
|---|---|---|---|
| 1.75% Convertible Senior Notes | $575 million | 1.75% | June 2028 |
| 0% Convertible Senior Notes | $632.5 million | 0% | Not specified |
Cash Flow and Liquidity
Ionis reported a net loss of $349.5 million for the nine months ended September 30, 2024. The company continues to maintain a full valuation allowance on all net deferred tax assets. The liquidity position improved due to a public offering that raised net proceeds of $489 million in September 2024.
Market Position
Ionis Pharmaceuticals remains a leader in the antisense technology space, with a focus on innovative drug development and strategic partnerships to enhance its market reach and financial sustainability. As of late 2024, the company continues to explore new opportunities for growth and expansion in the biopharmaceutical sector.
How Ionis Pharmaceuticals, Inc. (IONS) Makes Money
Revenue Streams
Ionis Pharmaceuticals generates revenue primarily through commercial and research and development (R&D) activities. For the nine months ended September 30, 2024, total revenue reached $478.6 million, compared to $463.1 million for the same period in 2023.
Commercial Revenue
The commercial revenue comprises royalties from approved drugs and net sales from its proprietary products. The breakdown for commercial revenue in 2024 is as follows:
| Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | YTD 2024 Revenue (in thousands) | YTD 2023 Revenue (in thousands) |
|---|---|---|---|---|
| SPINRAZA royalties | $57,208 | $67,253 | $152,406 | $178,511 |
| WAINUA royalties | $5,371 | $0 | $10,278 | $0 |
| TEGSEDI and WAYLIVRA revenue, net | $8,924 | $8,286 | $25,744 | $25,420 |
| Licensing and other royalty revenue | $4,228 | $8,542 | $18,932 | $25,815 |
| Total Commercial Revenue | $75,731 | $84,081 | $207,360 | $229,746 |
Research and Development Revenue
R&D revenue is derived from collaborative agreements with other pharmaceutical companies. The revenue for R&D activities includes upfront payments, milestone payments, and amortization from collaborations. The R&D revenue for the nine months ended September 30, 2024 is as follows:
| Source | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | YTD 2024 Revenue (in thousands) | YTD 2023 Revenue (in thousands) |
|---|---|---|---|---|
| Collaborative agreement revenue | $44,883 | $44,167 | $235,753 | $173,513 |
| WAINUA joint development revenue | $13,200 | $15,959 | $35,449 | $59,883 |
| Total R&D Revenue | $58,083 | $60,126 | $271,202 | $233,396 |
Recent Collaborations and Agreements
Ionis has entered several key collaborations that contribute to its revenue stream:
- In January 2023, Ionis entered a Royalty Purchase Agreement with Royalty Pharma, receiving an upfront payment of $500 million and being eligible for up to $625 million in additional milestone payments.
- The collaboration with AstraZeneca for the development of WAINUA includes cost-sharing provisions where AstraZeneca covers 55% of the development costs, allowing Ionis to recognize this as R&D revenue.
Financial Performance Overview
For the nine months ended September 30, 2024, Ionis reported:
| Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Total Revenue | $133,814 | $144,207 |
| Total Operating Expenses | $282,470 | $287,472 |
| Net Loss | $(349,548) | $(357,023) |
| Loss per Share | $(2.38) | $(2.50) |
Liquidity and Capital Resources
As of September 30, 2024, Ionis has raised net proceeds of approximately $2.6 billion from equity securities and has borrowed about $2.7 billion through long-term debt arrangements since inception. The company also reported an accumulated deficit of approximately $2.1 billion.
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Resources:
- Ionis Pharmaceuticals, Inc. (IONS) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Ionis Pharmaceuticals, Inc. (IONS)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Ionis Pharmaceuticals, Inc. (IONS)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.